Devon Energy (DVN) says Japan's Sumitomo will take a 30% stake in 650K shale acres DVN controls...

|About: Devon Energy Corporation (DVN)|By:, SA News Editor

Devon Energy (DVN) says Japan's Sumitomo will take a 30% stake in 650K shale acres DVN controls in the Permian Basin in a $1.4B deal. Sumitomo will invest $340M in cash upon closing and an additional $1.025B will be invested in DVN's drilling costs in the Cline and Midland-Wolfcamp shales.